Newmark Completes Sale of Multifamily Portfolio in West Los Angeles

September 26, 2024 9:00 AM

Newmark[1] announces the $16.15 million sale of a multifamily portfolio, known as Westside Trio. Located in highly sought-after neighborhoods of West Los Angeles, the portfolio sold for a blended price per unit of $425,000 and blended price per foot of $573. The offering includes properties at 1823 N. Fuller Ave. in Los Angeles, 8730-8736 Holloway Drive in West Hollywood and 1335-1351 Manhattan Beach Blvd. in Manhattan Beach.

Newmark Managing Director Anthony Muhlstein, Senior Managing Director Chris Benton, Co-Head of US Capital MarketsKevin Shannon, Vice Chairman Ken White and Senior Financial Analyst Gabe Munson represented the seller, Chishima Real Estate. The buyer was SLH Investments.

"The Westside Trio portfolio's prime locations in Manhattan Beach, West Hollywood and the Hollywood Hills position it as a great investment given the low basis compared to replacement cost, fantastic quality of life and access to area amenities and the high cost of homes," said Benton. "These urban infill assets provide a robust tenant base, driving steady apartment demand and offering the buyer the opportunity for future growth."

"Shifting local policies are creating attractive acquisition opportunities in key areas of Los Angeles," said Muhlstein "Securing three prime assets in West Hollywood, the Hollywood Hills and Manhattan Beach is a rare opportunity in a highly competitive market."

Westside Trio garnered significant interest which led to a competitive process.

"Despite a slowdown in multifamily sales in Greater Los Angeles, private buyers continue to increase their market share, with firms like SLH Investments focusing on well-priced assets in high quality locations," said Munson.

The first property, Runyan Canyon Townhomes, is located at the entrance of Runyan Canyon in the Hollywood Hills, offering large condo-spec two- and three-bedroom townhomes with optional condo conversion potential. The second property, Manhattan Beach Townhomes, at 1335-1351 Manhattan Beach Blvd., consists of four buildings with spacious apartments and a two-story townhome, all with private garages. The third property, Sunset Holloway Apartments is a 16-unit, two-building property strategically located just off the Sunset Strip.

[1] Dba Newmark Knight Frank in California

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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